The 2nd Edition of India Art Summit Brings Focus on the Vast Untapped Indian Art Market(31.8.2009)

Subodh Gupta - Three Monkeys

India Art Summit, India’s international art fair, closed last week with a record 40,000 footfalls over 4 days. In its second year running, the fair has been instrumental in bringing an international and domestic focus on the Indian market - with participating galleries making sales of approximately 26 crore INR ( 5.3 million USD) from a total value of exhibited artworks of approximately 40 to 50 crore INR (8.2 million to 10.2 million USD). In all, galleries sold over 50% of the works exhibited, which is well over the international art fair average of 20-30% indicating the appetite of the new Indian art market. Further, about 80% of participating galleries sold more than 2 to 3 works each with some Indian and international galleries selling out completely.

Of the artworks sold, 30-40% were estimated as sold to new or first time collectors – a further projection of the untapped potential of the market. “The unique value of India Art Summit continues to be its ability to expose galleries beyond the existing collector base, and give the Indian public an opportunity to access, appreciate and buy art”, said Associate Director of India Art Summit, Neha Kirpal. For the next edition, the organizers are committed to building on scale and quality, Ms. Kirpal also said, “we are a new art fair and delighted by the participation and support this year. For next year there will a far greater focus on the quality of art on display, so that we can deliver a truly enriching art experience to all our Indian and foreign visitors.”

An interesting trend this year was the range of art which was bought, ranging from the highest price points to affordable art brought in by galleries with an alternative strategy to encourage new collectors. While the former group included the likes of Anish Kapoor, Pablo Picasso, and Indian masters like Ram Kumar and FN Souza, the latter included photography, emerging artists, and other affordable artworks which were bought by everyone from seasoned collectors to college students.

Another aspect of India Art Summit, is the role it has played in the fine arts space in the country beyond trade. Much of the goodwill and high visibility it was able to generate was based on its success as a public event, and the fact that it was the first time that the general public and specifically the youth in India were able to see a wide variety of Modern and Contemporary art from across the world in such an accessible environment. This continues to be an important agenda for the organizers of India Art Summit.